Subsequent Events |
6 Months Ended |
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Jun. 30, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events On July 2, 2024, the Company entered into a new lease agreement for a warehouse located in Reno, NV (the “Reno Lease”). Under the Reno Lease, the Company will make escalating undiscounted annual base rent payments of up to $2.1 million, payable monthly. The current expected term of the lease is approximately 88 months from the commencement date. The Reno Lease commenced on August 2, 2024. The Company is still assessing the full impact of the Reno Lease on its financial statements.
On July 16, 2024, the Company entered into individual amendments to the Structural Debt Facility (the “Structural Amendment”) and Siena Revolver (the “Siena Amendment”). The Structural Amendment required the Company to prepay a portion of the principal outstanding under the Structural Debt Facility in the amount of $42.0 million (the “Prepayment”). Additionally, the Structural Amendment amends the facility to, among other things, (i) provide for a reduction in the amount of Unrestricted Cash (as defined in the agreement) required to be maintained by the Company to $23.8 million and (ii) extend the Amortization Date (as defined in the Structural Debt Facility) from July 1, 2025 to January 1, 2026. The Siena Amendment amends the facility to, among other things, (i) reduce the liquidity thresholds for triggering a cash dominion event and additional appraisal requirements and (ii) change the availability block thereunder from an at all times test to a liquidity based test. The Company is currently reviewing the impact of the Prepayment, Structural Amendment and Siena Amendment on its financial statements.
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